Top 3 Processes to follow to Monetize Your SAAS Blog
Aug 10, 2020
Aug 10, 2020
10 min read
10 min read
The subscription-based businesses, or what is more popularly known as SaaS (Software as a Service) businesses, might look like a very lucrative industry because of their increasing exposure and growth rate, but this profitable industry comes with various challenges. Some of the most common problems that you will face in this modern era industry are measuring business performance, filtering the different ways of monetization, and implementing them to get expected results, not being able to find too much information about marketing related to the SaaS industry and much more. But this blog post is here to help you out with one of the SaaS industry's most significant needs, and that is the monetization of the SaaS blog.
Even in the SaaS industry, churning is a normal thing, and by churn, we mean losing old customers to add new ones. But one crucial thing that you should know here is in the SaaS industry, the cost of winning a completely new customer can be a bit higher than all other sectors. This is why it is said that all the SaaS-based companies out there that will have too much churn rate will never be able to get tangible results from their efforts and become successful.
So, without any further ado, let's begin our journey of monetizing SaaS blogs without any hassle and make your firm stand out from the crowd while being profitable.
The importance of revenue recognition in the SaaS industry
Before learning how to monetize your SaaS blog, there is one more important thing that you need to know, and that is ‘why revenue recognition is so much important for the SaaS industry.’
A SaaS model-based firm will always charge its customers an upfront price for all the services that will be delivered over a particular period of time. But both
International Financial Reporting Status (IFRS)and Generally Accepted Accounting Principles (GAAP) say that a firm can never have any type of revenue, until and unless they start rendering a particular service for that number of customers.
This is one of the primary reasons all the SaaS model-based businesses out there have to keep an eye on the money coming to their account and analyze how much money in the account is recognized.
In addition to this, two boards cover all the bases of revenue recognition for all the SaaS businesses out there, and these boards are the Financial Accounting Standards Board and International Accounting Standards Board.
The top three ways to of monetization
All the things that you do in your business follow a planned and actionable process, and you should move forward with monetization with the same approach. We have included the top three monetization methods, which are key drivers to success.
Quantifying the buyer persona
If your firm is lacking a buyer persona, then you are surely missing many things in your firm that might slow down your growth rate. The first key to monetization is understanding who your customer is in a very detailed manner. If you are not sure about whom you are pushing your pricing pages, you will never come to know what to include in your pricing page to make it more engaging. And more importantly, you will never be able to retain these people if you will not know who they are.
If you want to begin on the right foot to build a buyer persona, you can start your journey by asking different questions to your customers. But you can’t just ask any question as you will need to be specific about what you are trying to get from them. It will be essential for your firm to collect information about pricing, features, and demographics.
The main idea behind asking these questions will be to know your customer values, as this will help you align your pricing with it. In the demographic section, you can ask your age, income, and packaging information, you can ask your customer about patterns and mechanical items.
Implementing a pricing process
You will have to make sure that monetization in your firm is just a part of the process, but most SaaS-based companies are not able to focus on this, and that’s why they are not able to stay productive with their method of monetization. You will be surprised to know that an average company spends only 8 hours throughout its business lifecycle in pricing. Do you think that any business out there can become successful by spending just 8 hours on sales, product, and marketing? The answer is obvious, and this is the main reason you shouldn’t just spend 8 hours on pricing as well.
There has been various research conducted on businesses, and it has been found that most of the companies lack expertise, pricing, and process when it comes to pricing. The first thing you will need to do is commit to your pricing and then assign a particular and dedicated team to keep tabs on the overall pricing model and the changes made in pricing for various reasons.
If you succeed in building pricing as a process in your firm, you will be able to become more serious about it, and with the improvement of your product or service, your pricing will also increase accordingly.
Taking advantage of the multi-price mindset
There are only two ways out there through which you can fuel your SaaS business growth, either through your existing customer or through your new customers. There can never be a third way of making your business profitable. And this is the most important reason you will have to start using a multi-price mindset in your industry.
To acquire a multi-price mindset in your business, all you will need to do is start using feature differentiation. This approach is best conveyed through a pricing structure based on the tiring system, and in this case, every tier will appeal to a completely different persona. You should know that value metrics are the basis of this pricing structure, and you will surely be able to become efficient with your monetization approach in the SaaS industry.
Another important thing that you need to know about a multi-price mindset is that it is an adaptable approach, and it is entirely focused on generating more profit for your SaaS business by merely appealing to the vast array of perceptions of value. So, you will have to leave your selling approach at a fixed price behind and try to match the price with the different types of customers' needs.
Monetization is undoubtedly one of the most critical factors that a business will need to focus on, especially if you are in the SaaS industry. There are two main reasons why monetization is going to matter a lot for your business; first, it is a low-cost approach, and second, it is one of the most effective ways out there that you can use to maximize your overall value. You should never make the mistake of not taking the pricing seriously, as this can hurt your SaaS-based business in many ways.
You should know that you can easily overcome the vast array of challenges of the SaaS industry if you can stay right with your monetization approach because this is the area where most SaaS industries suffer. Use this blog post as a guide and make the required changes in your monetization approach.
There’s much information on SaaS metrics, and we recommend keeping things simple. Even though COVID-19 has changed the dynamics a lot, efficient and predictable businesses will always stay.
When it comes to measuring your business competence, we recommend tracking your Gross Margin CAC Payback. When it comes to predictability, you can’t ignore critical indicators such as Net Dollar Retention, Up for Renewal Analysis, and LTV/CAC. These measures work together to provide remarkably good insight into the health of a software business.
Straight talk? Figuring out how to blog and make money from it is difficult. There is no one-size-fits-all solution, as success in blogging often comes down to the commitment to your site, including tangible and intangible. However, if you focus on building a unique, relevant site that engages your users, you can start to capitalize on your blog traffic with display ads, premium content, membership tiers, affiliate marketing, and sponsored content.
Monetizing your blog takes time, patience, and perseverance, as it can take years of hard work before your monetization strategies start paying off. That said, everybody has to start somewhere, and we’ve got the tools to help. Reach out to Saffron Edge
to plan your next inbound and content marketing strategy and how we can help you increase your revenue with the right tactics and measurements.
What is a Fractional CMO? Tips to hire a Fractional CMO
A Chief Marketing Officer (CMO) is essential to driving growth and maintaining a competitive edge within the ever-changing business world. However, many organizations cannot afford the luxury of hiring a full-time, on-site CMO. This is where fractional CMOs emerge as invaluable assets, serving as seasoned B2B marketing executives who provide flexible and cost-effective solutions for organizations seeking to enhance their advertising and B2B SaaS marketing strategies. Fractional CMOs provide a solution since they provide a plethora of experience and expertise without the high cost of a permanent C-stage government position. When considering a fractional CMO, it is crucial for businesses to pose insightful CMO interview questions to evaluate their ability to improve the company's marketing strategies. How do they approach the unique challenges of B2B marketing in a constantly changing marketplace? This blog aims to explore the significance of Fractional CMOs, assess whether your company requires the services of a fractional CMO, and provide guidance on hiring one. Understanding Fractional CMOs A fractional chief marketing officer (CMO) acts as an external advertising agency, operating at the C-level without the full-time hiring commitment. To help agencies traverse the dynamic world of strategic logo control, client interaction, and average marketing management, this strategic function is intended to give them on-demand access to top-notch advertising and marketing knowledge. As indicated by a study conducted, Chief Marketing Officers (CMOs) are not only tasked with traditional marketing duties but are also entrusted with a more extensive role. They are expected to play a pivotal role in formulating growth strategies and contributing to revenue generation. A fractional CMO is critical in driving growth, ensuring an aggressive position in the SaaS market, and coordinating advertising and SaaS marketing initiatives with larger company aims. A fractional CMO's responsibilities are varied and represent a thorough and systematic approach to advertising management. They include: Team leadership includes managing and supervising marketing and advertising teams, encouraging teamwork, and ensuring coherent strategies are carried out. Strategic planning involves creating and implementing all-encompassing advertising strategies that align with company goals and consumer trends. Developing and improving internet optimization, social media, and digital advertising tactics to adorn the agency's online presence. Creating activities to maintain and grow customer connections, encouraging satisfaction and loyalty. A crucial responsibility is to make a strong case for potential investors by preparing advertising and marketing materials and tactics before financing rounds. Managing the hiring and onboarding procedures for recently hired marketing team members to maintain a unified and competent staff. Showing a dedication to providing a quantifiable return on investment, assessing the success of marketing campaigns, and implementing data-driven improvements for ongoing progress. The Working Dynamics: Why Fractional CMOs Work The function of a fractional Chief Marketing Officer (CMO) arises as a strategic option that combines adaptability, cost-effectiveness, and seasoned expertise. Fractional CMOs operate as dynamic catalysts for organizations navigating development, providing an immediate injection of leadership without the commitment of a full-time hire. The success of this version is dependent on the complicated combination of enjoyment, financial efficiency, and the ability to deal with the challenging conditions that come with increasing operations. Experience is Important: There is a lot of delight in the Fractional CMO's effectiveness. These experts are seasoned professionals who have successfully guided organizations through the obstacles of various boom stages. Their extensive song catalog prepares them to handle unpredictable scenarios gracefully, specializing in producing practical results. This fun-driven method elevates Fractional CMOs to vital members, giving valuable insights and strategic guidance for expanding firms seeking long-term success. Cost-Effective Solution: The financial benefits of working with a fractional CMO are enormous. This edition is a wise and successful option for businesses looking for top-tier advertising information without the high cost of an in-house CMO. The reductions include talent acquisition strategies, education costs, and employee benefits. Businesses may strategically distribute assets using a fractional CMO while optimizing budgets and capitalizing on the pro-advertising government's insight. This strategy improves operational performance by assuring a cautious monetary approach linked with the employer's growth trajectory. Considerations: While fractional CMOs offer considerable advantages, recognizing aptitude-demanding scenarios is significantly more critical. Organizations must realize potential skill gaps in corporate knowledge, recognizing that fractional CMOs are a short-to-mid-term solution. Despite these difficulties, the instant value given by Fractional CMOs and commitment to a company's growth trajectory make them indispensable in negotiating the complexity of cutting-edge advertising. By identifying and resolving these issues, organizations may strategically harness the expertise of Fractional CMOs, setting the stage for immediate rewards and long-term fulfillment in a SaaS market. Who Needs a Fractional CMO? Is It Right for Your Business? Hiring a Fractional CMO proved strategic for organizations in various circumstances. It becomes an excellent alternative for companies looking to establish a new marketing function, gain independent insights on company strategy, or initiate large go-to-market campaigns. Fractional CMOs' flexibility and competence respond to various company demands, making them an excellent alternative for organizations primed for development and needing quick, high-level marketing leadership. In the context of SaaS marketing, their adaptability and expertise become crucial assets, enabling Fractional CMOs to navigate the unique challenges and dynamics of the SaaS industry with precision and strategic acumen. Agency vs. Fractional CMO It is critical to distinguish between fractional CMOs and B2B marketing agency in the market. Unlike traditional marketing firms, which are generally focused on execution, fractional CMOs are vital executive team members, bringing leadership and strategic vision to the forefront. While agencies may require specific guidance, fractional CMOs frequently engage in CEO meetings, offering strategic guidance and contributing to the company's planned development. As a result, they are a dynamic addition for firms seeking not only execution but also overall marketing leadership. Saffron Edge, a link building agency, can help you with your SEO objectives and other paid marketing objectives. How to Hire a Fractional CMO: A Step-by-Step Guide Identify Business Obstacles: Digitally describe and document your company challenges, laying the groundwork for recruiting. Set objectives: Gather your leadership team to define critical KPIs, qualifications, and expectations for the influence of the Fractional CMO. Networking and research: Investigate applicants on platforms like LinkedIn, focusing on qualified individuals with experience in Fractional CMO jobs. Partnerships and referrals: Utilize your network and recruitment partners to gain access to qualified C-Suite advisors, hence expediting the applicant selection process. References and interviews: To align expectations with the candidate's song report, prepare a list of CMO interview questions and do detailed interviews with a candidate scorecard and test references. Negotiation and Compromise: Before signing a detailed settlement, finalize the engagement terms, which include the scope of work, deliverables, compensation, and duration. Check-ins on a Regular Basis: Establish a routine for daily check-ins to monitor progress, get updates, and ensure the collaboration produces the intended results. Compelling Reasons to Opt for a Fractional CMO Strategy is King: Strategic marketing direction is essential, similar to playbooks in successful sports teams. This strategic prowess is brought by a fractional CMO, who aligns marketing initiatives with well-defined goals for measurable business outcomes. It emphasizes the significance of a unified strategy in navigating the competitive business world by drawing comparisons with sports. Execution Over Ideas: The importance of strategy execution cannot be emphasized. A part-time CMO allows businesses to invest in talented tacticians for various B2B marketing platforms. This focus on execution guarantees that strategic strategies are conceptual and actively implemented, maximizing the effect of marketing campaigns. Predictable Results by Process: The Functional Marketing Framework presents a process-driven approach, providing Fractional CMOs with tools to achieve spectacular and measurable results. This one-of-a-kind technique establishes a structured framework for SaaS marketing strategies that are planned and methodically carried out for constant success. New Thinking Promoted by Collective Wisdom: A Think Tank inside the Fractional CMO community promotes collective wisdom, allowing for exchanging new ideas across sectors. This collaborative approach guarantees that Fractional CMOs bring innovative, effective solutions, utilizing varied skills to solve problems creatively. Clarity for Teams: A fractional CMO is critical in providing clear guidance. This clarity boosts team members' confidence and productivity, linking them with the overall B2B marketing plan. The leadership of the Fractional CMO ensures that the team knows their tasks and contributes efficiently to the organization's goals. Short-Term Commitment, Long-Term Results: A Fractional CMO's 90-day sprint engagement strategy provides flexibility while mitigating financial risks for organizations. This short-term commitment enables firms to assess the effect of the CMO's efforts before committing to a long-term commitment, ensuring that outcomes meet expectations. Hiring a Fractional CMO gives access to top-tier knowledge without the cost burden of a full-time C-level executive. This low-cost methodology enables organizations to benefit from experienced leadership while optimizing resources and ensuring high B2B marketing competence. Conclusion Fractional CMOs provide a compelling alternative for organizations seeking immediate impact and long-term success. Organizations may traverse complexity by strategically using their know-how, guaranteeing a development trajectory fit with the dynamic environment of modern marketing. Fractional Chief Marketing Officers (CMOs) serve as strategic catalysts, providing a versatile, cost-effective solution for organizations navigating growth. Fractional CMOs are external strategic partners, smoothly integrating with organizations to generate growth, coordinate advertising campaigns, and ensure a competitive market position. At Saffron Edge, a leading marketing agency, we understand your business objectives and KPIs to deliver the best strategies and execution for your brand. Content marketing services by Saffron Edge will be helpful for your brand's content strategy on the website and also social media. ...
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What Are LSI Keywords and How to Use Them to Boost Your SEO Results?
LSI keywords are not merely synonymous terms but words and phrases conceptually related to the main keyword. Search engines like Google utilize LSI to understand the context and relevance of web content, thereby improving the accuracy of search results. Understanding and incorporating LSI keywords into your SEO strategy can significantly enhance your website’s visibility and authority. Adding LSI variants to your keyword portfolio may construct a more complete and nuanced representation of your content that fits a wider range of search queries. This in-depth manual will cover long-tail keywords (LSIs), where to look for them, and—most importantly—how to use them to boost your SEO rankings. Discover the nuances of Latent Semantic Indexing (LSI) and how it may help you rank your website higher in search results. How to Improve SEO with LSI Keywords? Let's dive deep and uncover the secret behind effectively harnessing LSI (Latent Semantic Indexing) keywords to supercharge your SEO endeavors and boost your online presence. 1. Keyword Density Reimagined SEO has evolved from keyword density to the importance of context, thanks to algorithms like Google's Hummingbird and Rankbrain. Now, LSI keywords enable easy inclusion of related terms in your content, keeping it penalty-free and relevant. 2. New Ways of Finding LSI Keywords Finding LSI keywords is easy. Simply use search suggestions, Google Keyword Planner, LSIGraph, and SEMRush. Analyze high-ranking pages and explore SERPs to discover valuable LSI keywords to lift your content. 3. Selecting the Best LSI Keywords In the huge pool of LSI keywords, picking the best ones matters. Look for ones that match what people are searching for, have a good number of searches, and fit what the user wants—information, directions, or to make a purchase. Choose LSI keywords that fit perfectly with what your audience is looking for. Benefits of using LSI Keywords The advantages of integrating LSI keywords into your SEO strategy are manifold: Higher Search Engine Rankings: Enriching your content with LSI keywords enhances its relevance and value, ascending the ranks in search engine results pages (SERPs). Enhanced Content Credibility: LSI-driven content resonates with readers, fostering engagement and sharing, thus bolstering its credibility and authority in the digital realm. Improved User Experience: Crafting content infused with LSI keywords creates a seamless browsing experience, enticing visitors to linger longer on your site and explore further. Reduced Bounce Rates: LSI-rich content captivates the audience, minimizing bounce rates and maximizing user retention, a testament to its efficacy in enhancing overall user experience. Want to reduce your CAC to half? get in touch The Truth About LSI Keywords LSI keywords have been a hot topic in the SEO world, but Google's stance on LSI keywords is clear: they don't exist. Instead, the focus lies on semantic relevance and natural language processing. While LSI technology may have paved the way for modern search algorithms, its direct application in SEO is questionable. Google has stated that it doesn't use LSI keywords as a ranking factor but prioritizes semantic understanding to deliver more relevant search results. This revelation challenges the traditional belief in the direct impact of LSI keywords on SEO. However, the underlying principle of semantic relevance remains crucial. While LSI keywords may not hold the mythical status once attributed to them, understanding semantic relevance and crafting content accordingly is essential for effective SEO strategies. Conclusion In the fast-changing world of SEO, LSI keywords are key to making content more relevant and improving user experience. LSI has become essential for understanding content better. By incorporating LSI insights, SEO strategies adapt to new algorithms and user needs, focusing on context rather than specific words. This approach enriches content, boosts visibility, and helps websites rank higher. Saffron Edge excels in SEO growth by using LSI to enhance content relevance and connect with audiences. Their strategic SEO adapts to trends and user behaviors, ensuring higher rankings and improved engagement. Choosing Saffron Edge means partnering with a team skilled in using LSI and other advanced SEO strategies for sustained online success. ...
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5 compelling reasons to include messenger chatbots in your marketing strategy
When it comes to marketing in general, chatbots are the latest fad. While we have already talked about how employing one on your website and making use of conversational marketing can help you nurture leads, provide exceptional customer support and help engage visitors in various ways any time of the day... Employing a chatbot on your Facebook business page as well has its own set of additional benefits that we will go through in this blog. Facebook messenger chatbots have come a long way since they were first launched in 2016 and many brands have come around to realize their true potential. How? By the sheer number of open rates and click-through rates it boasts which is as much as 80%. We are one of those brands and have recently started providing ‘Facebook Chatbot Services’ in our digital marketing services suite. If you are looking to get a messenger chatbot for your business, we can surely help! Reaching out to customers via messenger or other messaging platforms is the new way to personally connect with users and is considered as the new email. While that doesn’t mean email is dead, it just means there is a new marketing channel that gives better return on investment than the old email and that is just one of the many reasons why they triumph over every other marketing channel out there today. So, without further ado, here are a few more reasons why you are soon going to see chatbots everywhere on Facebook’s messenger - 1.Messenger now has more than 1.3b users Today, almost everyone and their grandmother is on messenger. You can easily reach out to anyone and engage them with the help of a messenger chatbot, combine it with the staggering open rates it delivers and none of your pitches will go in vain ever again. Moreover, you can get a lot of personal information about a user in messenger. Knowing about a user’s interests, likes, age, gender and other preferences will only help you customize your messages to them for maximum impact that would boost conversions, which is not possible in email. 2. An easy way to get around Facebook’s everdecreasing organic reach and Ad impressions Source Facebook’s ever declining organic reach and Ad impressions is no joke. After the latest Facebook update, business pages have seen their organic posts reach dwindle down to 1-2% of their total following and the story is more or like the same with Facebook Ads. To tackle this, you can use a messenger bot and blast personal, valuable and engaging messages to all your fans in a jiffy and enjoy great open rates and eventually engagement, relationships and conversions. 3. Build subscriber lists and blast messages Talking about blasting messages, just like emails, you can blast a message to all your fans using a messenger chatbot with ease and engage with them on-the-spot. Even better, you can create a custom audience and feed the data to your messenger chatbot to blast targeted messages and boost conversions. It is just like how you do in emails, but with a better open-rate and more click-throughs which is always great for your marketing endeavours. Building your subscriber list is not a goliath task when it comes to Messenger as each conversation you have with a prospect automatically adds him/her to your subscriber list which you can use later to implement your marketing campaigns. 4. Your best customer service representative The reason chatbots were hyped up in the first place. With every brand out there maintaining a presence on Social Media, it is always a good idea to have a brand representative cater to every customer conversation on social media platforms as soon as possible. While there are obvious complications with hiring people for this task, employing a chatbot makes replying promptly to each and every conversation is a piece of cake. A messenger chatbot can be your customer service representative that’s up and working for your brand 24*7, is cheap prompt, and your human customer service representatives can easily take over the chatbot if it’s not able to take care of a particular query because of its complexity. 5. Easy to set up Unlike popular belief, chatbots are simple to set up and require zero coding knowledge (some of them). You no longer need an experienced developer to build chatbots for your website or facebook page, a majority of bot-builders provide visual chatbot builders that can quickly help you set-up a chatbot using easy drag-n-drop options. As more and more people flock to messenger platforms, it only makes sense to maintain a strong brand presence on those platforms as well. With the help of a messenger chatbot, you’ll be maintaining an everlasting brand presence that is ready to serve customers and prospects any time of the day. So, what are you waiting for? Get one for yourself today, it will only take 2 minutes. ...
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